Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.
Impact
If enacted, A4691 could significantly enhance the state's capacity to meet housing demands for lower-income residents. The authorized funds can potentially help municipalities address their fair share of affordable housing obligations as mandated by court judgments. Increased funding through this bill may lead to a more substantial number of affordable housing units being built or completed, directly benefiting communities in need of affordable options.
Summary
Assembly Bill A4691 proposes a supplemental appropriation of $100 million to the Affordable Housing Production Fund managed by the Department of Community Affairs (DCA). The primary aim of this bill is to bolster the production and completion of 100-percent affordable housing projects within New Jersey. This fund, established under a previous law (P.L.2022, c.49), is designed to assist municipalities financially in contracting with developers dedicated to creating housing projects exclusively for low- and moderate-income households.
Contention
While the intention behind A4691 is to increase affordable housing availability, discussions around it may center on the effectiveness and efficiency of allocating state funds for this purpose. Some stakeholders might raise concerns regarding how these funds are distributed and whether they adequately address local needs in diverse communities. Furthermore, the adequacy of existing frameworks for overseeing these projects could become a point of contention, as successful implementation will depend on effective local government collaboration and developer engagement.
Same As
Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.
Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.
Appropriates $500 million in federal funds to DCA to support affordable housing development and establishes Affordable Housing Production Fund in HMFA.
Amends Fiscal Year 2024 appropriations act to allocate $25 million from “New Jersey Affordable Housing Trust Fund” to support construction and rehabilitation of low- and moderate-income housing.
Establishes "Subcommittee on Affordable Housing Needs" within "Joint Committee on Housing Affordability"; requires subcommittee to make determinations concerning affordable housing needs.
To provide appropriations from the General Fund for the expenses of the Executive, Legislative and Judicial Departments of the Commonwealth, the public debt and the public schools for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide appropriations from special funds and accounts to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide for the appropriation of Federal funds to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; and to provide for the additional appropriation of Federal and State funds to the Executive and Legislative Departments for the fiscal year July 1, 2022, to June 30, 2023, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2022.